Tracy

Dallas Texas

Congratulations for landing a great job in Dallas, Tracy. I’m sure your parents will be pleased that you have thought about paying your own insurance premiums. Although opening a bank account is essential, you should also be aware about the advantages of whole life insurance. It may be a fact that higher annual premiums often alarms younger clientele away. But the reasons behind this are provided by recognizing the advantages of whole life insurance:

• Policy designed to last for your entire life- your premiums will not increase as you get older and your death seems more likely. The policy is going to remain constant regardless if you become ill with a serious disease. You are covered by the insurance for as long as you pay the premiums.
• Guaranteed “cash value” along with a death benefit – it builds a cash value. Here, your policy acts both as a savings and investment account while providing insurance against death. This is a benefit from the fact that you pay your life insurance premiums long before you pass away. This is simply saying your money is doing multiple things.
• Applies the Infinite Banking Concept- you are actually paying two amounts in a whole life insurance. First the basic life insurance and the second is some extra investment capital. Depending on the type of policy, the cash value can serve as a type of tax deferred savings. It also creates an opportunity for additional retirement assets and can be a source of emergency funds.

I hope I was able to explain the advantages of whole life insurance so that you will continue your policy and maximize its benefits.

Johnson

Dallas Texas

Getting a term life insurance at your age will not be a problem. If you have not considered a permanent life plan because of its cost, then, a term life is good enough. Being 58 may be quite expensive for a permanent life policy but you’ll get a lesser premium by choosing the 30 year term life insurance. For someone closer to retirement, you will have to pay a higher rate compared to someone who is younger. This is because at your age, it is a fact that illnesses and even serious medical conditions are already making people suffer.

It is always a good decision to have insurances since life events could become highly unexpected. For someone your age, a 30 year term life insurance can still be renewed once the period is over. Many companies would accept renewal until the age of 95. Remember that at that point, your insurance rate will be very high even if you are still insurable.

Term life insurances from some companies have adjustable premiums. Meaning, it could go up or down depending on how well the company is performing. If you want this kind of protection, ask the agent first before signing the contract. You do not want to be caught unprepared sometime in the future. But if want a level fee for all of the 30 year term life of the policy, go for the company that do not depend on income fluctuations.

Some term life insurance policies are convertible to a permanent life insurance when the insured reaches the age of 75. This is, of course, at your discretion. You can also drop the policy if you want to. By that time, you may want a coverage that will allow you to leave some amount of money for your loved ones in the event of your demise.

Hal

Dallas, Texas

Great Question Hal,

When you buy a life insurance policy, your beneficiaries can use the money to cover the bills you leave behind. Believe it or not, the costs associated with your funeral and burial will likely reach many thousands.

In addition, there may be costs involved in settling your estate. You may have medical bills that your health insurance did not cover or other types of debt. When your loved ones are grieving, they don’t need the additional burden of worrying that these expenses may potentially spell financial ruin.

Here’s another reason to consider. When you buy a life insurance policy it can be used as a way of leaving something of value to your heirs. All you have to do is name as beneficiaries the individuals you choose to inherit your policy.

Or, instead of naming individuals as beneficiaries of your life insurance policy, you could choose a charity as the beneficiary.

Given the above reasons, buying a life insurance policy just might make sense after all!

Stephanie

Dallas, TX

Hi, Stephanie!

Securing child life insurance for your children has both advantages and disadvantages. And in doing that, what you need is a good rationale. Generally, the working parent who supports the family is already insured. And if the parents or their legal guardians are insured, getting child life insurance for the children will guarantee more benefits for them.

There are certain reasons why you should consider buying child life insurances. For one thing, a life insurance assures insurability for your children. You can purchase a permanent life insurance, such as the universal life policy, and make sure that you sufficiently fund the premiums so that you’ll be able to provide money for your children’s college and other financial needs in the future. Keep in mind that the main reason for getting a life insurance is to guarantee that the final expenses are covered should anything happen to your children.

Informing your children about the importance of life insurance is a very wise thing to do especially because it teaches them to be responsible enough with their own finances in the years to come.

I’m sure that you can find a lot of insurance agencies that can give you reasonable options on which would be the best type of insurance to secure for your children. Or if you choose this website will give you great infomation as well.

Katrina

Dallas, TX

Good Question:

It is good that you understand the value of having a life insurance policy. And the fact that you’ve been asking around shows that you are a careful buyer.

Whole Life Insurance Policy is a type of policy that covers you for as long as you live. It is permanent as long as you keep paying the premium. Since it is a long term insurance, the premiums that you pay are fixed.

Unlike other life insurances, you get cash values with whole life insurance policy, which you can keep in case you surrender the policy before maturity. The cash value account works like a savings account. It lets you accumulate money over time and it also lets you take out loans. If at any time anything should happen to you that would cost you your life before you finish paying off the loan, the money that your beneficiaries will receive will be less than the cash amount that you have saved. For instance, you took out a $ 350,000 policy and over the years, you often borrowed from the cash money which amounted to $100,000, now in the event of your death, your family will only receive $200,000. This is because the policy will have to pay for the money that you borrowed over the years. To be sure, you can ask and clarify with your life insurance agent on how much your beneficiaries will receive upon your death.

I’m sure that you’ll find a life insurance agent who can give you a whole life insurance policy quote and offer the best suited Whole Life Insurance Policy for you. Good luck!

Paul

Dallas, TX.

Great Question.

It is the cost of these insurance policies that makes some people decide not to go through with it. They have to pay a monthly or annual fee without being to able to see immediate results. This is something that makes people lose their determination. But this is not a very wise decision.

The solution is cheap life insurance. If you are wondering if there is such a thing, the answer is yes, there is. What you need to do to get it is to carefully analyze all the insurance companys’ offers. First and foremost, you need to think about your requirements – your own needs. You don’t need to accept the first big figure that the insurance company throws at you.

You need to take a look at the premiums, also. The premiums are in direct correlation to the amount of insurance you decide to pay. That’s why you need to choose one that will give you the financial freedom to also pay the premium.

Tara

Dallas,TX.

Tara,
Universal policies unnecessarily lock you in. You’re committed to paying a high annual premium. For instance, the annual premium on one million dollars of universal life for a healthy, 45-year old non-smoking male is around $8,000. That’s $8,000 each year—for the rest of his life.

On the other hand, the annual premium for one million dollars of 20-year term insurance is about $1400. That’s a difference of $6,600 each year. With universal insurance, most of that additional premium builds the cash value of the policy. But because of administrative and other fees, the amount added to your cash value each year is reduced. By the way, has your agent mentioned there is a way to buy no-load universal life insurance?

Great Question.

Joyce,
Term Life Insurance with No Medical required can be a difficult business most term life policies will require a basic level of medical history be supplied by the prospectus policy covering the policy holder before the advent of a new term life contract. Term Life Insurance is generally a long term form of insurance covering the policy holder for a number of scenarios. The normal form of Term Life insurance is a one year policy that would cover named beneficiaries in the unfortunate event of the policy holder dying during the term of his or her insurance policy.

Great Question

Shirley,
Rates have been dropping for the last ten years and are expected to continue dropping throughout 2008, especially for term policies. The best way to cash in on the cheapest prices for your life insurance is to comparison shop for a policy through an insurance comparison website like this one. All you have to do is fill out the zip code form and click the mouse. You will have several rates to choose from.

Great Question.